Real Estate Great Deals

Tuesday, September 21, 2010

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Thursday, September 16, 2010

Lawyers always win

An attorney for tripled on the process income his fee on its own at 1.8 million francs. Acceptable means , the Federal Court.

For 1289 work hours at 469 francs, the lawyer from Geneva had already made statements . But that was not enough , for he had 90 million francs fought for for its clients. He did what every carpenter or painter can only dream of: He increased in retrospect his hourly rate to 1400 francs. As if a plumber could triple his fee when the toilet is working again.

But the Federal Court gave to the lawyer its blessing : contingency fees are provided in the Geneva attorney law to justify the five judges for their decision. They did not care that a federal law prohibiting lawyers since 2002 contingency fees . This prohibition applies only when implementation of the fee agreements were taken , said the judge. That is not the case. Regardless of the federal judges was that the attorney had his fee practice not informed in advance , as in question federal law required by also explicitly .

" This ruling led prosecutors to leave their clients over fees in the dark. So that they could , if successful, an salted additional invoice " pull out of his hat, warns legal scholar Daniel Schwab , who has written extensively on the case. His advice : " Consumers should with lawyers the fee agree always writing and contingency fees exclude . "

Well-protected interests

Explosive: The Geneva practice could soon Switzerland's become the norm. The professional ethics of the Swiss Bar Association ( SAV) contains indeed a very similar formulation, such as the Geneva Bar Act.

Is it at least so that a lawyer must refrain from failure on his fee in whole or in substantial parts? No, that not even he , according to law , says the SAV. To notify the client costs and a reasonable profit ever invoice , even in total process defeat . Ride the wave of on success and cashing in failure: lawyers appear to be making more profit.

Polanski's lawyers want case roll re-

's lawyers Roman Polanski want to bring the abuse case against the director from the 70s once again on the table. They assumed procedural errors , said in a lawsuit.

did At that time a judge not behave properly, how close to put new evidence , the lawyers said in Los Angeles. Against the judge , meanwhile, a former prosecutor had testified . In the lawsuit , the lawyers put also an appeal against a court decision , after which the volatile director trotting personally must with the U.S. justice system.

Polanski's defenders argued that the California law does allow her client that he would be convicted without having to personally go back to Los Angeles. The 76- year-old is accused of sexual abuse of minors. He is currently in Switzerland, under house arrest.

U.S. Attorney prosecuted Polanski since 1977

In January, a judge in Los Angeles Polanski's application is rejected on conviction in absentia. His decision to be done with regard to the integrity of the judicial system , the judge said. The deputy prosecutor of said the accused was a fugitive and there should not be that he the court dictated the terms of proceedings.

The U.S. Justice Polanski pursued since 1977, when this a then 13- year-old girl was drugged and raped. The director put then on a plea of guilty and was sitting 42 days in prison withdrew in 1978 but the continuation of the process by fleeing abroad.

The director was on 26 September 2009 due to a U.S. arrest warrant, on entry arrested to Switzerland. On payment of a deposit and in compliance with additional requirements imposed he was released in early December from custody and with a foot ankle provided in his chalet in Gstaad placed under house arrest.

Sunday, August 22, 2010

Tuesday, July 20, 2010

Reducing legal fees in real estate

The notary fees will be calculated on the total selling price of real estate: these costs therefore depend: Vendor net price (what the key vendor), agency fees (which affects the estate agent).

Here are two tricks to reduce its costs without effort notaries. It suffices to know the laws!

1 - Reduce the cost of notary: play on payment of agency fees

Every salesperson has a duty to state on its terms (the contract between the agency to the vendor of the property) that will bear the costs of agency: the seller or the buyer (you).

You can see from the windows of estate agents, they must indicate black and white.

To reduce legal fees, the warrant must state that the agency fees will be paid by the seller (ie you) and not the seller.

If this is not the case, ask the real estate agency to repeat the term that binds the seller of the property : if it does not say on what terms you can not benefit from reduced notary fees like the example below you said.

Explanation:

If (and only if) the agency fees are your responsibility when you signed your purchase at the notary you will bring the total net price = vendor + agency fees. BUT you pay them separately.

Now you do not owe any legal fees on the purchase price not on the agency fees!

An example is worth a thousand words:

An apartment is on sale at € 100,000, agency fees included.

Let's say the agency fee is 6% of the selling price or € 100,000 x 6% = € 6,000

The net price seller is therefore: € 100,000 - € 6,000 = € 94,000.

You should therefore legal fees than € 94,000 and not € 100,000 (which will happen if the mandate provides that the agency fees are charged to the seller and not to the buyer).

Let's say the legal fees are 7%:

-> If the agency fees are charged to the seller: € 100,000 x 7% = € 7,000
-> If the agency fees are the responsibility of the purchaser: € 94,000 x 7% = € 6,580

You have to save, without doing anything: 7000-6580 = € 420 in legal fees for an apartment for € 100,000.

Imagine the difference on a € 300,000 house!

2 - Reduce the cost of notary: deduct the furniture that will remain in the property purchased

The notary fees are calculated on the price of the apartment is: 1 x 1 surface in m² m² Price.

But if you buy an apartment with a kitchen, ... the price of cooking can be fried out of a notary.

It is enough that the seller provides the bills of furniture / equipment remaining in the apartment or the house sold.

There is no monetary limit on this system, but lawyers argue for do not exceed 3% of the sale price.

If we continue on our current apartment for example € 94,000 (net price vendor) and the seller gives you the kitchen with a value of € 2,000, you will pay the legal fees on: 94 000 € - € 2,000 = € 92,000

The notary fees will therefore: € 92,000 x 7% = € 6,440 instead of € 6580 if you do not declare the kitchen!

Even a reduction of legal fees and legal and do nothing!

Taken together these two techniques can save hundreds of dollars on your legal fees. This will leave a budget move, the better you equip, ... or simply pay less for your property.

A new crisis in commercial real estate

There was the U.S. subprime crisis that has shaken the global economy, but this time the Bank for International Settlements reported that a housing crisis is brewing in the commercial real estate.

Initially the central bank of central banks indicate that the stimulus plan will have to gradually stop because financial institutions are becoming dependent on these injections of liquidity and may base their system on this type of financing. It also adds that there is a risk of real estate crisis through the high risk-taking by banks in commercial real estate.

Surprising as it may seem this announcement in conjunction difficult discussions G20. The U.S. banks are indeed very exposed and the risk of heavy losses from the decline in commercial real estate. The BIS also indicates that the price of commercial real estate has lost almost one third of its value compared to the highest of 2007. As the subprime delinquencies are starting to make noise, because they now represent 8% of assets.

Difficulties for the U.S. housing market

The housing market in the United States began badly the summer. On the one hand, thereal estate index for seizures of homes and apartments vien increased by 5% between the 1st and 2nd quarter 2010. Over one year, the number of seizures of homes has increased by 38%. What to say that the housing crisis is not over U.S.. For the record, before the subprime crisis, ie in 2005, the annual number of seizures has not exceeded 100,000 units against more than one million currently.

The other bad news is downgrading the rating of the U.S. housing market, the attractive from neutral.